2nd ride and the brake pads melted. (Actually, I diagnosed the stretchy cables wrong. It was the "rubbery" pads which gave that soft stretchy feeling on the brake lever). It's good I replaced the brake cables as well because it's not meant for brakes.
Total cost so far:
Bake pads (pairs)......=$ 20.00
Alloy Pedals..............=$ 16.00
Brake cables (Pair).....=$ 10.00
MTB saddle...............=$ 8.00
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Total cost................ = $54.00
Here's a pic of the worn down brake pad (left) and the (Tektro RBP series) replacement pad (right): (I will swap it when i have the time. The brake should feel solid after that.)